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A private equity firm launched by a co-founder of high-profile dot com casualty boo.com has made a 4.3 times return on its first portfolio company.

eEquity, founded in 2010 by entrepreneurs Patrik Hedelin and Magnus Wiberg to invest in Nordic online retailers and price comparison websites, has sold its 28.1% stake in white goods retailer WhiteAway Group to entrepreneur Anders Holch Povlsen, according to a statement from eEquity.

Hedelin previously co-founded online fashion retailer boo.com where he served as executive chairman with responsibility for the company’s fundraising.

Ernst Malmsten and Kasja Leander were co-founders of Boo.com, which launched in 1998 and spent $130 million of cash in little more than a year before collapsing in 2000. Its investors had included Bernard Arnault, chief executive of luxury brand group LVMH, and the Benetton family, which founded clothing brand United Colours of Benetton.

Malmsten later wrote an account of the failure, Boo Hoo: A Dot.Com Story from Concept to Catastrophe.

eEquity first invested in Denmark-based WhiteAway – its first portfolio company - in 2010. WhiteAway subsequently bought two retailers of home appliances — Skousen in 2011 and Lavpriskoekken in 2012.

Financing for WhiteAway came from two separate funds run by eEquity — eEquity I and eEquity II. The 4.3 times return for both funds equates to an internal rate of return of 67% for eEquity I and 76% for eEquity II.

Hedelin said: “This is our first larger exit in eEquity that we are very pleased with and proud of. We made a plan when we invested the first time to build a company with sales of DKK 1 billion in five years, which our runrate already exceeds despite that only 3.5 years has gone.”